The startup announced today that Obotritia Capital had committed the funds, as well as purchasing a stake in Bitbond, although the terms of that deal were not disclosed.

The investment represents the second time this year Bitbond has attracted outside capital. In February, the firm raised $1.2m from a group of angel investors. That followed €600k raised in mid-May 2015.

Bitbond said it plans to use the latest financing to further grow its network, with an eye to reaching small business and independent sellers.

“The debt commitment by Obotritia brings Bitbond to the next level in our efforts to provide universal SME financing. The next step is to work with partners,” founder and CEO Radoslav Albrecht said in a statement.